Source: task4-all-weather/output/phase_a_precheck/task4_hkconnect_universe_audit.md
Last modified: 2026-05-18 13:23:54 · 10,980 bytes

Task #4 HK Connect Universe Audit

Scope: Kaite expanded mandate to include HK Connect. This audit checks incremental HK Connect ETF roles for v0.1.

Recommendation

- Add HK Connect only where it provides a clearly better China risk-source representative.

- Replace A-share 159992.XSHE innovative drug with 159570.XSHE HK Connect innovative drug.

- Add 159792.XSHE HK Connect internet to R1 as the missing China platform-economy exposure.

- Do not add broad HK tech/dividend/consumer/financial/broad-beta in v0.1; record them as v1 or Task #6 candidates.

Cluster Recommendations

cluster	recommended_symbol	recommended_name	recommendation	reason
hk_broad	513660.XSHG	华夏沪港通恒生ETF	skip_duplicate	Broad HK beta is a portfolio geography decision, not a missing v0.1 sleeve entity.
hk_consumer	513070.XSHG	易方达中证港股通消费主题ETF	skip_for_v01	A-share 159928 already covers consumption; HK consumption ETF liquidity/history is weaker and adds cross-market complexity.
hk_dividend	513630.XSHG	摩根标普港股通低波红利ETF	defer_or_skip	Defensive dividend exposure overlaps free-cash-flow/quality and could become a separate HK income sleeve; not v0.1 core.
hk_financial	513090.XSHG	易方达中证香港证券投资主题(港股通)ETF	skip_duplicate	Financial beta is already embedded in broad equity and not a core all-weather missing risk source.
hk_innovative_drug	159570.XSHE	汇添富国证港股通创新药ETF	replace_a_share	Use HK Connect innovative-drug ETF as the cleaner biotech representative; replace A-share 159992, do not add both.
hk_internet	159792.XSHE	富国中证港股通互联网ETF	add	HK internet/platform companies are a true China equity omission in A-share ETFs; add one HK Connect internet representative to R1.
hk_technology	513180.XSHG	华夏恒生科技ETF(QDII)	skip_duplicate	HK technology broad ETFs overlap A-share growth/productivity and HK internet; no separate v0.1 entity.

Candidate Metrics

symbol	label	cluster	name	underlying	fund_type	listed	size	turn60	ret_since_20240924	sharpe	top_corr_symbol	top_corr252	corr252_159992.XSHE	corr252_159781.XSHE	corr252_515880.XSHG	corr252_562500.XSHG
513660.XSHG	沪港通恒生	hk_broad	华夏沪港通恒生ETF	恒生指数	StockIndex	2015-01-26	43.80亿	1.54亿	0.36	0.99	510300.XSHG	0.69	0.55	0.48	0.37	0.51
513550.XSHG	港股通50	hk_broad	华泰柏瑞中证港股通50ETF	中证港股通50指数	StockIndex	2021-01-13	27.80亿	1.01亿	0.39	1.05	510300.XSHG	0.66	0.52	0.47	0.37	0.5
513070.XSHG	港股通消费	hk_consumer	易方达中证港股通消费主题ETF	中证港股通消费主题指数	StockIndex	2022-03-24	19.84亿	1.33亿	0.23	0.51	510300.XSHG	0.55	0.51	0.36	0.27	0.43
513970.XSHG	恒生消费QDII	hk_consumer	景顺长城恒生消费ETF(QDII)	恒生消费指数	QDII	2023-04-21	25.84亿	1.12亿	0.12	0.33	159928.XSHE	0.56	0.48	0.3	0.25	0.35
159735.XSHE	港股消费	hk_consumer	港股消费	中证港股通消费主题指数	StockIndex	2021-06-04	7.70亿	0.51亿	0.2	0.44	512100.XSHG	0.55	0.51	0.36	0.29	0.44
513630.XSHG	港股通低波红利	hk_dividend	摩根标普港股通低波红利ETF	标普港股通低波红利指数	StockIndex	2023-12-08	156.68亿	3.66亿	0.44	1.54	159201.XSHE	0.64	0.29	0.23	0.19	0.2
159691.XSHE	港股红利	hk_dividend	港股红利ETF工银	中证港股通高股息精选指数	StockIndex	2023-04-21	69.41亿	2.93亿	0.2	0.67	159201.XSHE	0.74	0.35	0.27	0.22	0.21
513820.XSHG	港股通高股息	hk_dividend	汇添富中证港股通高股息投资ETF	中证港股通高股息投资指数	StockIndex	2024-05-16	31.77亿	1.48亿	0.33	1.13	159201.XSHE	0.6	0.23	0.16	0.1	0.1
513090.XSHG	香港证券投资	hk_financial	易方达中证香港证券投资主题(港股通)ETF	中证香港证券投资主题指数	StockIndex	2020-03-26	216.22亿	54.66亿	0.83	1.33	510300.XSHG	0.71	0.47	0.46	0.33	0.45
513750.XSHG	港股通非银	hk_financial	广发中证港股通非银ETF	中证港股通非银行金融主题指数	StockIndex	2023-11-27	283.04亿	11.75亿	0.6	1.12	510300.XSHG	0.69	0.48	0.42	0.32	0.4
513120.XSHG	香港创新药QDII	hk_innovative_drug	广发中证香港创新药(QDII-ETF)	中证香港创新药指数	QDII	2022-07-12	248.48亿	46.39亿	0.68	1.07	159992.XSHE	0.87	0.87	0.34	0.26	0.35
159570.XSHE	港股通创新药	hk_innovative_drug	汇添富国证港股通创新药ETF	国证港股通创新药指数	StockIndex	2024-01-22	242.13亿	22.43亿	0.6	0.92	159992.XSHE	0.84	0.84	0.32	0.25	0.32
159567.XSHE	港股创新药	hk_innovative_drug	港股创新药ETF	国证港股通创新药指数	StockIndex	2024-01-11	76.01亿	11.05亿	0.55	0.87	159992.XSHE	0.84	0.84	0.32	0.25	0.32
159506.XSHE	港股通创新药及医疗	hk_innovative_drug	富国恒生港股通创新药及医疗保健ETF	恒生港股通创新药及医疗保健指数	StockIndex	2023-07-03	30.04亿	3.78亿	0.61	0.96	159992.XSHE	0.85	0.85	0.35	0.27	0.35
513330.XSHG	恒生互联网科技QDII	hk_internet	华夏恒生互联网科技业ETF(QDII)	恒生互联网科技业指数	QDII	2021-02-08	332.92亿	26.47亿	0.12	0.24	512100.XSHG	0.63	0.51	0.5	0.42	0.59
159792.XSHE	港股通互联网	hk_internet	富国中证港股通互联网ETF	中证港股通互联网指数	StockIndex	2021-09-28	620.29亿	21.61亿	0.14	0.26	512100.XSHG	0.63	0.51	0.47	0.39	0.57
513770.XSHG	港股通互联网	hk_internet	华宝中证港股通互联网ETF	中证港股通互联网指数	StockIndex	2022-02-18	105.05亿	5.37亿	0.14	0.27	512100.XSHG	0.63	0.51	0.48	0.4	0.57
513180.XSHG	恒生科技QDII	hk_technology	华夏恒生科技ETF(QDII)	恒生科技指数	QDII	2021-05-25	497.97亿	45.81亿	0.21	0.42	512100.XSHG	0.69	0.53	0.57	0.45	0.65
159636.XSHE	港股通科技30	hk_technology	港股通科技30ETF工银	国证港股通科技指数	StockIndex	2022-07-20	296.63亿	6.34亿	0.34	0.65	512100.XSHG	0.67	0.6	0.55	0.42	0.61
513980.XSHG	港股通科技	hk_technology	景顺长城中证港股通科技ETF	中证港股通科技指数	StockIndex	2021-07-02	187.47亿	6.32亿	0.37	0.71	512100.XSHG	0.69	0.64	0.59	0.45	0.63